燃料油早报-20250606

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread declined slightly, the 380 near - end ran strongly, the monthly spread oscillated at a high level, and the basis strengthened again. The low - sulfur crack spread oscillated, the near - end monthly spread oscillated, and the basis weakened. [3] - This week, on - shore inventories in Singapore continued to accumulate, ARA ports had a slight inventory build - up, US residual oil had inventory drawdown, and Fujairah had significant inventory drawdown. [3] - Recently, the low - sulfur valuation has been realized. After the supply recovery, there is room for the crack spread and the inter - month spread to repair downward. [4] - The high - sulfur crack spread is running strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the demand for fuel oil refinery feedstock has declined significantly. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total marine fuel was weaker year - on - year. Follow - up attention should be paid to the impact of tariffs on global trade activities. [4] - Recently, the net import of Saudi residual oil has rebounded, and Egypt's purchases have continued. The high - sulfur near - end remains strong, and attention should be paid to the opportunity of the high - sulfur crack spread to decline in the medium and long term. [4] 3. Key Points by Category Rotterdam Fuel Oil - From May 29 to June 5, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 5.78, Rotterdam 0.5% VLS FO swap M1 changed by 7.50, Rotterdam HSFO - Brent M1 changed by - 0.08, Rotterdam 10ppm Gasoil swap M1 changed by 9.50, Rotterdam VLSFO - Gasoil M1 changed by - 2.00, LGO - Brent M1 changed by 0.76, and Rotterdam VLSFO - HSF M1 changed by 1.72. [1] Singapore Fuel Oil - Swap Prices: From May 29 to June 5, 2025, the price of Singapore 380cst M1 changed by 0.42, Singapore 180cst M1 changed by 0.17, Singapore VLSFO M1 changed by - 4.31, Singapore Gasoil M1 changed by - 0.86, Singapore 380cst - Brent M1 changed by 0.79, and Singapore VLSFO - Gasoil M1 changed by 2.05. [1] - Spot Prices: From May 29 to June 5, 2025, the FOB 380cst price changed by 1.82, FOB VLSFO changed by - 4.17, the 380 basis changed by 0.90, the high - sulfur domestic - foreign price difference changed by 0.9, and the low - sulfur domestic - foreign price difference changed by 3.3. [2] Domestic FU - From May 29 to June 5, 2025, FU 01 changed by 2, FU 05 changed by 5, FU 09 changed by 12, FU 01 - 05 changed by - 3, FU 05 - 09 changed by - 7, and FU 09 - 01 changed by 10. [2] Domestic LU - From May 29 to June 5, 2025, LU 01 changed by - 25, LU 05 changed by - 30, LU 09 changed by - 21, LU 01 - 05 changed by 5, LU 05 - 09 changed by - 9, and LU 09 - 01 changed by 4. [3]